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## Data Influenced By Early Easter, Payment Times Impacted By End Of Financial Year

Xero, the global small business platform, released its latest data insights for the March quarter, showing positive job growth for New Zealand small businesses. The data indicates that job growth in the March quarter was strong at 7.0% year-on-year, which is double the long-term average. This growth is seen as a positive sign that small businesses are resilient and optimistic in uncertain times.

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The strongest jobs growth was observed in other services (+8.7% y/y) and professional services (+7.1% y/y), with manufacturing experiencing the smallest growth at 4.4% y/y. This data suggests a diverse pattern of growth across different industries.

For the month of March, Hawke’s Bay and Northland led jobs growth, likely boosted by the impact of Cyclone Gabrielle in early 2023. Despite challenges, small businesses in these regions showed resilience and growth.

## Sales Make a Modest Improvement, March Data Impacted by Early Easter

While the March sales data was impacted by early Easter trading restrictions, small business sales had a solid start to the year, with increases seen in January and February. This positive trend follows a period of fluctuating sales in the previous quarter, indicating signs of improvement in the economy.

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The CPI increase in the March quarter and lower inflation rates signal changing economic conditions. Despite these improvements, sales are still below the long-term average, with a significant drop recorded in March due to the timing of the Good Friday public holiday.

## Wage Growth Up But Still Below Average

Wages rose by 3.0% y/y in the March quarter, indicating a slight increase from the previous quarter. However, wage growth remains below the average recorded in the same quarter last year. The data shows varying wage rises across different sectors, with manufacturing and construction leading the way.

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## Payment Times Impacted by End of Financial Year

In the March quarter, small businesses experienced an improvement in payment times, with invoices being paid sooner compared to the previous quarter. This improvement is attributed to the end of the financial year pattern observed in XSBI data. However, the trend of improved payment times during this period may not be sustainable over time.

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Overall, the data highlights the importance of timely payments for small businesses and emphasizes the need for consistent support and digital tools to navigate challenging economic conditions.

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